In these verses the lament of the loss of this wicked and evil city comes from those who have gained profit from the wickedness of the city. The first lament is from the kings of the earth and they see her burning and they think selfishly because they will no longer have the opportunity to indulge in the adulteries any longer. They are quoted to say, “Woe! Woe, O great city, O Babylon, city of power! In one hour your doom has come!” They will lose some of their power and a great deal of pleasure in the destruction of the city of Babylon.
The second woe comes from the merchants who do business in the city and with the wicked of the world. They are not in any way sad for those of the city just that they will no longer profit by their business. John even listed a great deal of the merchandise the merchants deal in. Notice though verse 13b, “and human beings sold as slaves.” We know Rome dealt in slavery and at some time in their history there were over 60 million slaves in the Roman Empire. 10,000 human beings were sold in the slave markets daily. Will there be human slavery again during the Tribulation? Why not, evil is evil and there would be nothing stopping them and probably they are the ones that the first angel is talking about when he calls out to escape the judgment of God. There are other kinds of slaves too. Slaves to work, money , pleasure and pride and hatred etc… God will judge them all.
The third woe comes from the sea captains. They are representative of all who are greedy and take advantage of all that they can to become filthy rich off the wickedness of man. Their woe really was about themselves and their loss of riches.
Verse 20 is a great verse which declares rejoicing in heaven about the destruction of the evil city. The rejoicing comes for the many years and many souls who have be persecuted, ruined, tormented and killed by the evil forces under the disguise of the great Babylon. They will finally get what they deserve. Judgment will come in the manner that the souls mentioned, saints, apostles and prophets were judged by them.